Roles of a Chief Financial Officer
The CFO is the strategic role reporting directly to the CEO, with these management responsibilities:
1. Cash Flow Management (this is where your bookkeeper and Controller live)
2. Risk Management (Your CPA lives here along with many other providers)
3. Capital Investment
4. Infrastructure (systems, management, equipment)
5. Exit Planning
Each has a strategic component for which the CFO must hold accountable those in each seat.
This graphic shows one thing-
TIME IS MONEY.
Most small business owners are managing the CFO function on their own, many without knowing they are doing it. They believe the bookkeeper is doing it, or the Controller, or worse, their CPA is their CFO.
In reality, a small business owner is COSTING their company money by worrying about the balance sheet, P&L, risk management, where to invest, how to grow, and when to leave the company.
The COST of an owner doing this on his/her own without strategic level support is ~$1,500/week.
What are we talking about?
If you are focused on finance, growth, and strategy- it's taking away from the things you SHOULD be doing in your business. The cost of that is ~$6,000/month. Spend the time somewhere else!